Regulatory Alerts2023-01-01
Adjustment to the Kwacha and Foreign Currency Statutory Reserve Ratio
The Bank of Zambia has increased the minimum statutory reserve ratio for commercial banks by 2.5 percentage points to 17.0 percent, effective November 27, 2023. This revised ratio applies to local and foreign currency deposits, including government and vostro accounts, and is calculated based on the Weekly Return of Selected Assets and Liabilities as of November 22, 2023. The adjustment addresses persistent foreign exchange market pressures driving higher inflation, with the central bank reserving the right to implement further measures as macroeconomic conditions evolve.
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